Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. Summer Analyst Program 2023 USA Global Advisory Country: United States of America Division: Global Advisory Program: Summer Internship Duration: 10 weeks Programme Description Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. The return on investment is simply higher than for those with a distribution disadvantage. LionTree. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Unfortunately this position has been closed. At the same time, these programs have the capacity to turbocharge human imagination, allowing it to realize its visions with greater speed and frequency than ever beforefueling the question of the relative importance of content creation versus curation. This year, I was touched to see that many friends and close contacts appreciate the significance of a book in marking a moment in time, to learn from and to reflect. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. . The independent investment and merchant bank for creativity, community and capital Our purpose guides us in all that we do, internally and externally. Separately, in a streaming-first world, the industry would need to get creative to achieve the level of profitability they once enjoyed in a dual-revenue world. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Read More. We seek to both advise and invest in our relationships and will be doing so amid dislocations and crosscurrents where independent, differentiated capital and long-term shareholder support will come at a premium. In the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. But that doesnt mean its closed. Software Weekly Accessibility Policy In anything, the arc of life is also a governing framework for your priorities. This perspective is crucial, because those who believe they see a light at the end of the tunnel as we head into the New Year may well be mistaken. As has been revealed by the markets, its not enough to bet big on the future. But the prominent investment banker isn't content to simply facilitate M&A transactions. While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. However, after getting experience in a small investment banking/Private . The pandemic was an accelerator for change. What the streaming landscape lacks is sticky engagement, a connection that can be formed by being the best in a category, or by offering a multi-product or multi-content experience that keeps customers happy over time with high breakage costs or exceptional value. We expect the growing value of sports rights to be a major theme in 2023 and beyond. Regarding other uses of capital, companies with strong balance sheets are leaning into organic investment opportunities to hone competitive advantages and position for future growth, particularly in areas like networks and infrastructure (cloud and data centers, fiber builds and deployment). Location: New York, NY. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. Certainty and uncertainty are a package deal. But that reconsideration is itself an opportunity. But even as we anticipate a return to abundance, we must be mindful of scarcity. Gaming companies also make money! The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. Investment Banking Internship | Summer Analyst | Jefferies Jefferies offers an intensive investment banking internship program that is designed to assist students in navigating a successful career in finance. Personally wouldn't consider over GS /MS/ Evercore, but . Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. As streaming comes down to earth, the creation of new content and experiences across all genresfrom video and music, to sports and gamingwill prioritize quality and originality. During my recent travels to the Gulf region, many described its rise as the New Europe, in contrast to the Old Europe, which is experiencing a relative decline due to demographic, political, and economic slowdown, exacerbated by dependence on foreign energy and resurgence of territorial conflict. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. Only once we know our position, can we find our momentum. As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. T 404.495.7000. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . Would Paris Hilton Let Her Kid Be An Influencer? While the creator economy clearly impacts mindshare in our attention-driven economy and is something traditional media must learn to contend with, it also creates boundless potential. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. This clustering of durable capital around certain thematics and industries in motion, and led by the next generation of modern industrialists, exemplifies the merchant banking model. Ineffective or false leadership must be replaced by management that has the honesty and fortitude to see through a strategic vision, the intellectual humility to learn from mistakes, and the decisiveness to make necessary changes. After all, no one climbs a mountain alone. So, cash must be put to work and inflation can be a double-edged sword. The period leading up to the U.S. presidential election in 2024 is bound to be filled with rhetoric and the sort of challenges mentioned above, testing our media institutions and those who lead them yet again. 2020 - 2023. Download PDF. Reference over Interesta different kind of RoI. Sports is the ultimate front-end model, built on large, impassioned audiences that keep coming back to watch game after game, season after seasonall the way from global, to national, to local RSNs. To sign up for our newsletters, clickhere. 2022 was a challenging year. This year, we witnessed an IPO success story with Volkswagens listing of Porsche in September; it encapsulates what I believe will shape the first successful IPOs over the next 12 months until investors gain confidence in new issuances. What this illustrates is that its very hard to be both content creator and distributor. 2023 will be a year of growth; its just that not all growth is up and to the right. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. We will have to wait and see if the trend keeps pace in Q4, which accounted for ~30% of the total buybacks for the full year 2021. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. 23 salaries (for 11 job titles) Updated 1/13/2023. LionTree does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this letter, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. Full Time Programs Begin your financial career as an Analyst at Stifel. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. Growing down, I call it. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. Culture seemed good but I think they have it pretty rough in terms of hours (suppose this is a general street wide comment but LionTree seems to run extra lean). We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. Jeffrey Hirsh's Phone Number and Email. In 1997, Microsoft made a $1bn investment in Comcast, which sparked support and re-rating of cable industry multiples as capital expenditures were on the rise and Microsoft wanted greater access to the home through cable set top boxes. 210123. The deeper the roots, the higher the branches can grow. Strategic asset sales create opportunity for potential consolidators seeking to repackage media assets to create must-have offerings that enhance a holistic customer experience, with the added benefit of spreading costs over a broader asset base. With higher cost of capital, organic investments will require clear metrics and competitive business rationales so that shareholders can gain confidence they will see a satisfactory return. Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . Read More. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? As LionTree grows, Kindred Media has grown with it. Privacy Policy the second mountain is about shedding the ego and losing the self. Our analyst and associate programs are ideal for talented, bright and passionate young professionals looking to learn more about our advisory and capital raising services. Sport itself, of course, has the ability to bring people together, but global transmission of such events creates a shared experience, history, and community that is so easily lost in other forums. While a decision against Google would seem to impose a crippling amount of legal risk on platforms, what is revealing is that the plaintiff does indeed have a case under the law, written two years before Google was founded in a garage. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. The causes of our uncertainty are well-known: inflation; global central bank policies; war in Eastern Europe (and perhaps elsewhere); the decoupling of Western and Eurasian economies; and other sources of social and political turmoil. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Availabilities are open for our San Francisco office. How much do LionTree employees make? As Ive suggested, this growing down requires creativity, community, and capital. At a time when the reasons for uncertainty are multiplyingscarcity, inflation, geopolitical turmoilwe must return to the fundamentals, to the measures of intrinsic value that allow investors and managers to find their footing. Adversity is the prosperity of the great. But a compass is not enough. With cheap money in the rearview, 2023 will be the time for self-awareness and reflection on what is possible, and what is not possible, when it comes to streaming. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. And before the rapid increase of interest rates, we saw some of the largest take private activity in technology such as Vistas $17bn acquisition of Citrix and of course the Twitter take private. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. To highlight an example, LionTree revealed something mildly unexpected this year when we announced the new LionTree Arena at the University of California, San Diego as part of a gift to fund scholarships for student athletes as the university continues its meteoric rise and joins NCAA Division I and the Big West Conference. Relationships of this kind, characterized by discerning advice and long-term, value-added capital, will be crucial in an environment characterized by difficult decisions and the necessity to make do with less. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. With user-generated content representing 39% of time spent with streaming media on platforms such as Instagram, YouTube, and TikTok, individual entrepreneurs have proven to be powerful content creators in their own right, where the content is the driver and products come secondary. Rebundling the Landscape: Whats Your Edge? Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. Job posted 6 hours ago - Deloitte is hiring now for a Full-Time Deloitte Risk & Financial Advisory Analyst - Technology (Summer/Fall 2023, Winter 2024) in Milwaukee, WI. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Comcast's stock traded up. Expertise is a base metal. The arrival of big tech platforms highlighted the benefits of broad distribution, established through e-commerce (Amazon), devices (Apple), or streaming built on cheap money (Netflix). . LionTree will always exist as a firm that prioritizes our relationships, and Kindred is our forum for friends new and old to engage with our trusted community. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. In the midst of these global crosscurrents, 2023 will be a year of adjusting assets, discovering new leadership, rethinking structures, and rebuilding relationshipsas well as establishing some for the first time. At the same time, the U.S. is reasserting its global leadership, benefitting from its role as the home of free markets and abundant capital to drive innovation (even during time of scarcity), a still strong dollar and global reserve currency (despite clear challenges), and energy and food independence compared to other regions. 2) Will consumers tune-in, particularly when theres a price tag involved? However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. Worked alongside some folks there on an M&A deal. Builders sent him planks from unbuilt houses; unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). Our model gets smarter over time as more people share salaries on Glassdoor. j***@liontree.com. Benefits include professional development sessions, networking opportunities, and mentorship. In order to be considered for the Summer Analyst Program, you need to be a college student currently enrolled in an Undergraduate program, who will have completed their junior year by the start of the internship. "Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.". Protection against imminent and obvious threats, such as hurricanes or wildfire. Take the YouTuber MrBeast, who recently supplanted PewDiePie as the most-subscribed individual YouTuber, with a staggering 112 million subscribers and a target valuation of $1.5 billion. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. In my view, many of the ruling class parties (whether they won or underperformed, like the GOP) lack youthful, decisive, innovative leadership that has executable ideas suited to the times. 1y. A form of preservation and defense that gives you strength and the ability to play offense. This year, we highlighted the music sector to our partners, which led to the formation of MUSIC, a joint venture to invest in the evolution of the music industry, backed by $200 million in longterm capital. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. 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